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Tiger Airways Holdings, the listed parent company of Tiger Airways, has reversed its loss from last year to record a S$28.2m (A$23m) profit for the financial year ended March 31.
The profit came on a 29 per cent growth in revenue to S$486.2m (A$398m), driven by a 54 per cent increase in passengers as well as a 22 per cent increase in ancillary revenues. The airline also benefited from lower fuel costs, with cost per available seat kilometre down 11 per cent, although excluding fuel it remained static.
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Tiger CEO Tony Davis noted that its major operations both performed strongly. “Our Singapore cub recorded its third year of operating profit, and our Australian cub has recorded a breakeven operating result in its second full year of operation, a fantastic achievement.”
The airline has indicated that it intends to continue rolling out more ‘cubs’ across the Asia Pacific region, and will take delivery of seven A320s this year which will be allocated across its existing bases in Singapore and Australia “on a profit maximisation basis”.
The airline recently announced that it will open a new base at Avalon, west of Melbourne later this year. No details of routes to be flown from Avalon have been released yet.
